Competency refers to the ability or skill to perform a specific task, job, or activity successfully. It is an underlying knowledge, skill, or ability that is needed to complete a certain task and can be demonstrated through behavior or performance. Competence means having the necessary abilities, qualities, and skills to do something well, while competency refers specifically to the demonstration of those abilities in practice. In other words, being competent at something means you have the potential to perform it effectively, while actually displaying competence means that you are successfully performing the task or fulfilling the role.